The Nigerian Upstream Petroleum Regulatory Commission has revealed that more than $185 million (approximately N268.4 billion) and N14.9 billion have already been released to the Nigerian National Petroleum Company Limited from the Frontier Exploration Fund.

The Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, made this disclosure in a statement on Monday, responding to recent reports suggesting that the NUPRC had withheld the Frontier Exploration Fund from NNPC Ltd.

Akinkuotu’s statement confirms that the funds have been disbursed to NNPC Ltd as scheduled, refuting claims that the regulator was holding back payments.

The disclosure sheds new light on the use of the controversial fund, which has been under scrutiny over transparency concerns since the Petroleum Industry Act mandated that 30 percent of NNPC Ltd’s profit from oil and gas be allocated to frontier exploration.

The commission stated that the fund, sourced from statutory allocations for the exploration of frontier basins, was released to NNPC Ltd to boost oil and gas discovery, especially in underexplored regions of the country.

Akinkuotu clarified that the Frontier Exploration Fund is not held by the Commission but in an accountY managed by the Central Bank of Nigeria.

The commission’s role, she explained, is to review NNPC Ltd’s submitted Work Programme and grant approval for the fund’s release.

“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company. $185,123,333 had been approved along with N14.9bn. We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments” the statement read.

The statement noted that, in a bid to enhance transparency, the NUPRC engaged PwC to assess NNPC Ltd’s claims before granting final approval for the release of the fund.

“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025 to the tune of $140,000,000. We have documents to back this up. Earlier, N14.9bn and $45m were released.

“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission,” the statement added.

The commission emphasized that the Frontier Exploration Fund is exclusively for NNPC Ltd, stressing that it would be unreasonable for any other operator to make unfounded claims.

The upstream regulator also noted that the Minister of State for Petroleum, Senator Heineken Lokpobiri, had previously issued a statement denying any investigation into the NUPRC regarding the management of the fund.